HomeIndustriesToyota Q1 Profit Rises as Chip Shortage Subsides

Toyota Q1 Profit Rises as Chip Shortage Subsides

Toyota Motor Corp. reported on Wednesday a net profit of 552.2 billion yen ($4 billion) for the first quarter, up from 533.8 billion yen ($3.9 billion).

Quarterly sales surged almost 20% to 9.69 trillion yen ($72 billion). According to the automaker, the rise in sales was complemented by the fact that the global chip supply shortage has subsided as of late.

Global automakers were affected by the chip shortage, which was caused by work restrictions that were implemented because of the coronavirus pandemic. This led to a major halt in production.

From January through March, Toyota experienced rising sales across several global markets, including Japan, the United States, and Europe, along with several regions across Asia, the Middle East, and South America.

Toyota confirmed in a statement that it is committed to fueling further growth and expanding its ecological offerings, including hybrids, plugins, and battery electric vehicles. New company CEO Koji Sato confirmed that the company needs to expand its EV offerings in order to compete with market leaders such as Tesla and BYD.

U.S. Homeowners Remain In Homes Longer Than They Did 20 Years Ago

A study by real estate brokerage Redfin found that U.S. homeowners are remaining in their existing homes for longer than they did 20 years...

PCE Index Expected to Rise By Most in a Year

The personal consumption expenditures (PCE) price index, known to be the Federal Reserve's preferred inflation gauge, is expected to rise at its quickest pace...

Warner Bros. Discovery Misses Earnings Estimates

Warner Bros. Discovery fell short of expectations when releasing its fourth-quarter earnings on Friday. The company reported a revenue of $10.28 billion, missing the...